Net Loss Per Share

3 Months Ended

Mar. 31, 2026

10. Net Loss Per Share

Net Loss Per Share

Basic and diluted net loss per share was calculated as follows (in thousands, except share and per share data):


	Three Months Ended
	March 31,
	2026			2025
Numerator:
Net loss	$	(28,666	)	$	(34,127	)
Denominator:
Weighted-average common shares outstanding, basic and diluted		129,913,376			129,678,572
Net loss per share, basic and diluted	$	(0.22	)	$	(0.26	)

The 69,811,767 shares of the Company's common stock issuable upon exercise of the Pre-Funded Warrants described in Note 5 are included as outstanding common stock in the calculation of basic and diluted net loss per share.

The Company has two classes of common stock, each with identical participation rights to earnings and liquidation preferences, and therefore the calculation of net loss per share as described above is identical to the calculation under the two-class method. The Company excluded the following potential common shares from the computation of diluted net loss per share for the periods indicated because including them would have had an anti-dilutive effect:


	March 31,
	2026		2025
Options to purchase common stock		20,385,968		17,324,388
Potential shares issuable under the ESPP		158,724		261,637
Total		20,544,692		17,586,025